Brandon,
Continuing on what David noted...
Income and Expenses are traditionally considered temporary accounts that are
‘closed’ to Equity at the end of an accounting period, generally, one year.
Therefore, the expanded equation would be:
Assets = Liabilities + (Income - Expenses)
After the f
Brandon,
The Guide at section 2.2 says:
"Assets - Liabilities = Equity + (Income - Expenses)"
In your case:
209.01 - 1497.72 = -18818.74 + (22975.27 - 5445.24)
Or:
-1288.71 = -1288.71
Yay!
HTH,
David
On Jan 15, 2020, 13:13, at 13:13, Brandon Captain wrote:
>Hello,
>
>I have a rather gener
Hello,
I have a rather general accounting question in regards to the Assets =
Liabilities + Equity formula, and how it relates to the other GNUCash
default accounts like Income and expenses. Those accounts are neither
assets, liabilities, nor equity. So I'm not sure how to factor them in -
unless
